General overview for 18/08/2014 09:30 CET
The corrective cycle in wave 2 of 3 has been completed in a zig-zag shape. Now, this pair is in an impulsive decline and only a breakout above the level of 138.02 invalidates the bearish outlook. The orange rectangular zone is the target for green wave (ii) to complete and then a decline should resume. The first clue supporting this view is the level of the 136.75 breakout. The mid-term bias is still bearish.
Trading recommendations: Day traders and swing traders should consider opening SELL orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45.